A gold and base metal company with focus on the Timmins mining camp
Message: Melkior Intersects 1.35 m @ 3.55% VMS Copper and 7.85 M @ 3.72 G/T Gold
Melkior Intersects 1.35 m @ 3.55% VMS Copper and 7.85 M @ 3.72 G/T Gold on its Carscallen Gold Project, West Timmins Gold District, Ontario
Ottawa, Ontario CANADA, March 26, 2012 /FSC/ - Melkior Resources Inc. (MKR - TSX Venture), ("Melkior") is pleased to announce results from one of a two hole winter drill program on its 100% owned Carscallen gold project, located about 25 kilometres west of the city of Timmins. The property is within the prolific Timmins gold camp, within excellent infrastructure and 5 kilometres west of the closest operating mine.
In the beginning of February 2012, Melkior drilled two deep holes on the Carscallen property for a total of 1270 metres or core. More than 200 samples were assayed for gold and scan for trace elements. The objective was to test targets at depth based on the 3D-model built during autumn 2011 (see press release, November 29, 2011). Melkior reports results on the first of the two holes on Carscallen. Partial results from the first hole (CAR-79-2012) revealed several mineralized zones and new insights on geology. The second hole (CAR-80-2012) was drilled approximately 100 metres north of CAR-79.
The holes expand the Shenkman gold system with two significant observations:
1. At least three gold zones were intersected, extending the gold occurrences to approximately 80 metres under previous intersected zones in the Shenkman area.
2. Coincident with one gold zone a stringer zone of a copper rich VMS system was intersected.
Summary of hole
CAR-79-2012 was drilled at an azimuth of 265 degrees and a dip of -65 degrees with a final depth of 602 metres which corresponds to a vertical depth of 545 m. Several mineralized zones were intersected:
-528.00 - 529.35 m 1.35 m @ 3.55% Copper
-528.00 - 538.00 m 10.00 m @ 2.54 g/t Gold
-377.00 - 382.00 m 5.00 m @ 1.18 g/t Gold (partial results only)
-457.30 - 481.00 m 23.70 m @ 1.55 g/t Gold
Including 7.85 m @ 3.72 g/t Gold
including anomalous copper up to 3770 ppm
528.00 - 538.00 m 10.00 m @ 2.54 g/t Gold
including 1.35 m @ 3.55% Copper
The hole was drilled about 80 m under hole CAR-61-2010 which returned 13.30 m @ 4.84 g/t Au and about 120 m under hole CAR-51-2010 which returned 12.00 m @ 1.87 g/t Au. Therefore hole CAR-79-2012 confirmed the extension at depth of gold mineralization on Shenkman. Mineralization was encountered up to about 500 m vertical and still open at depth. The zones consist of pyrite and carbonate veinlets with minor amount of chalcopyrite. Carbonate alteration is associated with the mineralization and is typical of the gold mineralization encountered on the Carscallen property.
Chalcopyrite mineralization was encountered between 528.00 m and 529.35 m grading 3.55% Cu. The mineralization consists of stringers of copper sulphide mineralization within a chlorite-rich alteration zone. The texture of the sulphides and the chloritic alteration suggest a VMS origin (volcanogenic massive sulphides). This intersection is considered significant and may represent indications for a volcanogenic massive sulphide ("VMS") deposit underneath the granite body. This is a new discovery on the Carscallen property. Significant massive sulphide deposits occur in the Timmins District with the most important being Kidd Creek.
Hole CAR-79-2012 encountered several granite and mafic volcanic units beyond the main granite body (contact at 380 m). Granite dykes were encountered between 474.18 m and 501.10 m, between 522.70 m and 524.50 m, between 526.60 m and 528.00 m and between 539.00 m and 556.20 m, which most likely represent local roots of the major granite intrusion. Gold seems to be spatially related to some of these granite "roots", especially at the contact with associated mafic volcanic wedges Three of the mineralized intersections are related to or in the vicinity of mafic volcanic - granite contacts.
Significance and Future Work
The chalcopyrite occurrence is the first of this kind to be encountered on the Carscallen property and represents a whole new potential for the occurrence of primary VMS deposit. A DHEM (Down Hole Electromagnetic) survey has been completed on hole CAR-79-2012 and hole CAR-80-2012 by Abitibi Geophysics; a report is expected by April. Preliminary results have identified conductive zones. Such conductive zones are strong, positive indicators for massive sulphides. Exploration will focus on a new, primary VMS deposit. Follow-up is a priority. Gold is most likely a later phase hosted in the chalcopyrite zone encountered at 528.00 - 529.35 m and could be expected in area or rocks which haven't been considered based on previous models. Gold also occurs as wide zones under the granite cap and these intersections offer the potential for significant enlargement of the gold zones on the Carscallen property.
Quality Control and Assurance
Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawn in half, with one half delivered to the laboratory and the other half retained for future reference. Gold assays were performed at ALS CHEMEX Laboratories in Timmins, Ontario by standard Fire Assay with AA technique (Au-AA-23). Other elements were obtained by Inductively Coupled Plasma Emission Spectroscopy (ME-ICP-41) on a 30 gram sub-sample. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol.
This Press Release was prepared by Dr. Eric Hebert, P.Geo and Dr. Tom Setterfield, P.Geo, both of GeoVector Management Inc, and Qualified Persons under National Instrument 43-101. Dr. Hebert and Dr. Setterfield supervised the diamond drill program, logged the core and designed the sampling program. They have also reviewed the quality control information and this release.
Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds "Ring of Fire" areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.
For more information:
Melkior Resources Inc.
E-mail: [email protected]
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